Wall Street up slightly: Bitcoin shoots to a year and a half high

The US stock exchange continues to rely on fresh corona aid for the battered economy. However, the main indices can hardly improve. The crypto currency Bitcoin, on the other hand, is causing a stir – it has reached its highest level in a year and a half.

Wall Street investors continue to rely on additional stimulus from the US government. The default values ​​index Dow Jones rose in New York by 0.5 percent to 28,364 points. The broad one S&P 500 also advanced by 0.5 percent. The technology-heavy Nasdaq it went up 0.3 percent.

"All realists expect there will be no agreement before the election," said Robert Pavlik, chief investment strategist at asset manager SlateStone. Commerzbank analyst Esther Reichelt also warned against excessive optimism. "Because it's not just about an agreement between the Democrats and the White House." The package still needs to be passed by both houses of Congress and the Republican majority leader in the Senate has already rejected a vote on the stimulus package before the November 3rd election.

Meanwhile, stockbrokers closely followed economic data to assess the economic consequences of the coronavirus pandemic, said analyst Pierre Veyret from brokerage firm ActivTrades. The number of initial claims for US unemployment benefits decreased in the past week, but remained at a high level.

Against this background, some investors set their course for "safe havens" and covered themselves with the world's leading currency dollar one. This helped that Dollar index, which reflects the exchange rate against major currencies, to an increase of 0.4 percent. In return it became cheaper gold by 1.0 percent to $ 1905 per troy ounce (31.1 grams) because the appreciation of the US currency makes the precious metal less attractive to investors outside the US.

PayPal decision pushes Bitcoin

Marked on the cryptocurrency market Bitcoin by contrast, a year and a half high. The oldest and most important cyber currency recently gained 1.6 percent to 13,148 dollars after the online payment processor PayPal announced that it would also do business in Bitcoin & Co. in the future. "The fact that PayPal now wants to get involved in the crypto business can be seen as an accolade," says analyst Timo Emden from Emden Research. "In addition to the central banks Fed and ECB, which are thinking about the introduction of digital national currencies, this could be the impetus for other companies to deal with the implementation of said currencies."

In addition, the reporting season determined what happened. For the Tesla-Share was up 0.8 percent. The electric car maker exceeded expectations in the third quarter and reiterated its goal of delivering at least half a million vehicles this year.

In the case of shares, the stocks belonged to Coke with a plus of 1.4 percent to the winners. Thanks to its austerity course, the world's largest beverage manufacturer presented a quarterly profit over analyst forecasts, commented Kevin Grundy of the investment bank Jefferies. Sales also exceeded the low expectations.

The titles of Kimberly-Clark on the other hand fell at times by seven percent. This is the largest price slide of the "Kleenex" provider since the stock market crash in March. Despite a slightly better than expected sales growth, the profit of 1.72 dollars per share remains behind the analyst forecasts, criticized a stockbroker. The same applies to the targeted full year profit of $ 7.50 to $ 7.65.